XML 21 R12.htm IDEA: XBRL DOCUMENT
v3.22.2

Operating Segments | 6 Months Ended
--- | ---
Jun. 30, 2022
Segment Reporting [Abstract] |
Operating Segments | Operating SegmentsOur segments are based on the internal reporting that we review for operational decision-making purposes. We operate in two reportable segments: (i) the acquisition, development, ownership and management of multifamily properties and (ii) the acquisition, ownership and management of commercial properties. The services for our multifamily segment include rental of apartments and other tenant services, including parking and storage space rental. Asset information by segment is not reported because we do not use this measure to assess performance or make decisions to allocate resources. Therefore, depreciation and amortization expense is not allocated among segments. General and administrative expenses, advisory fees, interest income and interest expense are not included in segment profit as our internal reporting addresses these items on a corporate level. The following table presents our reportable segments for the three and six months ended June 30, 2022 and 2021:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Multifamily Segment |  |  |  |  |  |  |
Revenues | $ | 2,945 |  |  | $ | 3,529 |  |  | $ | 6,174 |  |  | $ | 7,365 |
Operating expenses | (1,708) |  |  | (2,111) |  |  | (3,429) |  |  | (4,234) |
Profit from segment | 1,237 |  |  | 1,418 |  |  | 2,745 |  |  | 3,131 |
Commercial Segment |  |  |  |  |  |  |
Revenues | 4,314 |  |  | 6,665 |  |  | 8,566 |  |  | 13,190 |
Operating expenses | (2,104) |  |  | (2,947) |  |  | (4,411) |  |  | (6,656) |
Profit from segment | 2,210 |  |  | 3,718 |  |  | 4,155 |  |  | 6,534 |
Total profit from segments | $ | 3,447 |  |  | $ | 5,136 |  |  | $ | 6,900 |  |  | $ | 9,665 |
The table below reflects the reconciliation of total profit from segments to net income for the three and six months ended June 30, 2022 and 2021:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Total profit from segments | $ | 3,447 |  |  | $ | 5,136 |  |  | $ | 6,900 |  |  | $ | 9,665 |
Other non-segment items of income (expense) |  |  |  |  |  |  |
Depreciation and amortization | (2,298) |  |  | (3,211) |  |  | (4,647) |  |  | (6,538) |
General and administrative | (2,194) |  |  | (5,866) |  |  | (4,914) |  |  | (9,101) |
Advisory fee to related party | (2,858) |  |  | (5,739) |  |  | (6,043) |  |  | (8,175) |
Other income | 870 |  |  | 909 |  |  | 1,176 |  |  | 2,376 |
Interest income | 9,419 |  |  | 5,616 |  |  | 16,201 |  |  | 11,260 |
Interest expense | (6,389) |  |  | (7,681) |  |  | (12,556) |  |  | (15,419) |
Gain (loss) on foreign currency transaction | 14,132 |  |  | (4,793) |  |  | 17,904 |  |  | 2,824 |
Loss on extinguishment of debt | — |  |  | — |  |  | (1,639) |  |  | — |
Income from unconsolidated joint ventures | 2,048 |  |  | 4,572 |  |  | 7,242 |  |  | 7,908 |
Gain (loss) on sales or write-down of assets | 3,893 |  |  | (24,445) |  |  | 15,041 |  |  | (7,047) |
Income tax provision | (40) |  |  | 1,841 |  |  | (68) |  |  | 1,801 |
Net income (loss) | $ | 20,030 |  |  | $ | (33,661) |  |  | $ | 34,597 |  |  | $ | (10,446) |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration